Sensex ends atop 74,000, Nifty 22,450 for 1st time; Smallcap index down 2%

Stock market highlights on March 6, 2024: The BSE benchmark hit a record high of 74,151, while the Nifty50 claimed 22,497 intraday

SI Reporter New Delhi

10:44 AM

Global index inclusion inflows help Indian Rupee buck EM currency losses

India’s currency is likely to appreciate to 81 per dollar by end-December from around 82.9 on Tuesday, according to Credit Agricole SA and TD Securities. The rupee is among the least volatile emerging-market currencies this year, with traders speculating that the central bank may have dipped into its $619 billion foreign-exchange reserve stockpile to limit the swings.READ MORE

10:30 AM

Indian cryptocurrency exchanges hope for revival in Bitcoin rally

CoinDCX, another major exchange, has seen volumes increase five times from the beginning of February at $5 million in spot to $25 million on February 28. The exchange's co-founder, Sumit Gupta, said, "We have seen an increase in the average age of investors from 25 years earlier to 30 years, indicating that smart and mature investors have now entered the market." READ MORE

10:15 AM

JM Financial tanks 19% as RBI bars it from lending against shares, bonds

JMFPL is a subsidiary of JM Financial with assets under management (AUM) of Rs 7,197 crore. The company is focused on offering a broad suite of loan products, which are customised to suit the needs of corporates, institutions, SMEs and individuals. READ MORE

10:00 AM

Comment :: 'Smallcaps' underperformance to likely continue'

>> A significant recent development is the liquidity in the banking system moving from deficit to surplus. This is positive for banks, particularly those which are facing constraints in raising deposits to match credit growth.

>> The impact on the market would be the outperformance of Bank Nifty over Nifty.

>> Another trend which has started is the underperformance of the small cap index. This trend also is likely to continue since small cap valuations continue to be excessive.

>> Nifty is likely to consolidate at around the present levels. Dips will be bought since institutional buying has been strong.

>> Sentiments are a bit weak in the NBFC space due to RBI’s restrictive actions against some NBFCs

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:46 AM

Samvardhan Motherson slips over 3% after 322 mn shares change hands

>> Nearly 4.7% equity changes hands worth Rs 3,932 crore

9:43 AM

IRCTC falls over 1%; Co partners with Swiggy for pre-ordered meals

>> On Tuesday, Swiggy partnered with the Indian Railway Catering and Tourism Corp (IRCTC) to provide pre-ordered meals to travellers at four major railway stations in India

9:39 AM

MGL tumbles 10% after it slashes CNG prices in Mumbai

>> In response to a decrease in gas input costs, the company has reduced the price of compressed natural gas (CNG) by Rs 2.50 per kilogram in and around Mumbai

9:37 AM

IIFL Finance hits 20% lower limit for 2nd straight day

9:33 AM

BHEL nears 52-week high intraday, pares gains later

>> It has bagged an order from power giant NTPC to set up a 1,600 MW Singrauli thermal power project (Stage-II).

>> The size of the order is more than Rs 9,500 crore, excluding GST, the company said in an exchange filing.

9:31 AM

Zomato slides 2% on block deal of 190 mn shares

>> 2.2% equity changes hands at Rs 160 per share

>> Antfin Singapore, an affiliate of Alibaba, was reportedly looking to to divest 176.4 million shares, representing a 2 per cent stake in Zomato.

9:28 AM

JM Financial tanks 14% as RBI prohibits firm from financing against shares and debentures

>> The Reserve Bank of India (RBI) on Tuesday prohibited JM Financial Products from financing against shares and debentures, including sanctioning and disbursing loans against initial public offerings (IPOs) of shares and subscriptions to debentures.